Category: International Insurance News

News from around the world and how change in this industry affects other lines of business globally.

Insurance companies have halted cargo coverage for Ukrainian grain

Nordstrom
Insurance companies - Grains
Auto insurance data spat could lead...
➡️ WATCH TOP INSURANCE NEWS STORIES IN: ENGLISH & SPANISH

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…

Read More

Insurance costs associated with war in Ukraine higher than Iraq war

H. Cutner
Insurance costs - War in Ukraine

Industry sources are saying that coverage is now more expensive and more challenging to organize. Insurance costs associated with journalists, humanitarian workers, engineers and other people traveling to Ukraine are now more expensive and tougher to organize than was the case during the Iraq war. A growing number of insurers have started working their way into providing coverage for this destination. Though insurers had initially been hesitant to provide coverage immediately after Russia invaded Ukraine in February, several have started easing back, according to industry sources. That said, insurance costs…

Read More

McDonald’s takes down its Irish insurance company in move to Bermuda

Marc
Insurance company - McDonald's logo

The fast-food chain is moving its global coverage operation from Ireland to the North Atlantic. McDonald’s is moving its global insurance company operations out of Dublin, Ireland and to the British island territory of Bermuda in the North Atlantic. It remains in the process of winding down its Irish business, according to its recently filed accounts. The Irish insurance company unit was managed by Aon in Ireland. That insurer has managed the fast-food giant’s global insurance unit for almost three decades. By the time the entire Irish business has run…

Read More

Insurance rates in South Africa spike as country labeled “very risky”

H. Cutner
Insurance Rates - South Africa - map

Rising claims from crime, blackouts, inflation and other factors have insurers increasing premiums. Residents of South Africa are expected to see their insurance rates jump by at least 5 percent as insurers watch the risks associated with the country rapidly rising. The risks have been increasing on many fronts from both domestic and global contributing factors. The country is now viewed as “very risky” by insurers, which are raising insurance rates to reflect the increasing claims filed in a spectrum of categories. Insurers have been receiving increased flood and fire…

Read More

Australian home insurance prices climb due to climate change

Logan B.
Home insurance - Australia - Map

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

Read More

Hiscox to provide shipping insurance for Ukraine grain corridor

Logan B.
Shipping insurance - Ship with cargo

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

Read More

Earthquake insurance claims cause the third highest number of consumer complaints

H. Cutner
Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

Read More